Originally Posted by
deez
So I read that as I can claim 240 bux a year in deductions but not on my next tax return since the provision kicks in on December 31, 2008.
Can I write off the price of a bike or two also since I use them to commute?
No. The provision allows your employer to reimburse you for bike commuting expenses, up to $20 a month, in a manner that the benefit is tax free (both to you and the employer).
Originally Posted by
HardyWeinberg
I'm still confused. The link I used above (which is only temporary;
this is apparently the good one) refers to section 132(f) which I also can't find.
Whatever, it'll either be there or it won't.
Section 132(f) is the section of the tax code that deals with transportation fringe benefits. Currently, it allows for reimbursement for transit passes, certain van pooling expenses, and certain parking for car poolers.
Originally Posted by
ItsJustMe
This is the same thing that came up for a vote before. The benefit can only be claimed through your employer. This means that your employer has to do a bunch of paperwork and has to administer the benefit.
There's hardly a chance in hell most of us will get this benefit even if it passes.
Most places that offer section 132(f) benefits (and lots of employers in bigger cities do) do so through a third-party benefit company. I expect that most of those will change their plans to allow for the new category of expenses, and that most employers will go along with that.